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Article: HOW BAD ARE THINGS AT CRUCIBLE?; IT'S DEEP IN DEBT. ITS WORKERS ARE ON LAYOFF. ITS CUSTOMERS AREN'T BUYING. BUT BANKRUPTCY FILING MAY GIVE THE COMPANY BREATHING ROOM TO WEATHER THE 'TSUNAMI.'.(News)(Company overview)
- Article from:
- The Post-Standard (Syracuse, NY)
- Article date:
- May 7, 2009
CopyrightCOPYRIGHT 2009 All rights reserved. Reproduced with the permission of The Herald Co. by the Gale Group, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Charley Hannagan Staff writer ; Compiled by research librarian Bonnie Ross
Detroit's troubles hammered another Central New York company Wednesday as Crucible Materials Corp. filed for bankruptcy.
Crucible cited a significant drop in demand for its steels -- particularly for its automotive valve steel -- among its reasons for reorganizing the company under court supervision through Chapter 11 bankruptcy. The designation gives the company breathing space to work out deals to repay its creditors while continuing to operate.
It is the second local company to be significantly hurt by problems in the automotive industry. Magna International ...